Click here to close now.



Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

Pike Reports Revenue Increase of 59% and EPS of $0.67 per Diluted Share in Fiscal Second Quarter 2013

Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal second quarter 2013 results for the period ended December 31, 2012. Total revenue in the second quarter was a record high $273.7 million, up 59% compared to $172.0 million in the year-ago period. Net income in the second quarter totaled $23.6 million, or $0.67 per diluted share. By comparison, net income totaled $4.9 million, or $0.14 per diluted share, in the year-ago period.

Total revenue in the fiscal second quarter 2013 included storm-related services of $83.0 million, compared to $21.9 million in the same quarter last year. Gross profit totaled $59.2 million, or 21.6% of revenue. By comparison, gross profit totaled $25.4 million, or 14.8% of revenue, in the year-ago period. General and administrative expenses totaled $19.9 million, or 7.3% of revenue. By comparison, general and administrative expenses totaled $15.9 million, or 9.2% of revenue, in the year-ago period.

“All areas of our core business improved on a year-over-year basis, contributing to this quarter’s record revenue. Our fiscal second quarter financial performance also reflects a significant increase in the level of storm restoration activity,” said J. Eric Pike, Chairman and CEO of Pike. “Our year-to-date revenue of $518.3 million suggests fiscal 2013 will be a record year for Pike. In addition, earnings for the six months ended December 31, 2012 are already three times higher than the $0.31 per diluted share we reported for the fiscal year ended June 30, 2012.”

The Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.

Construction revenue totaled $228.4 million, up 46% compared to $156.3 million in the year-ago period. Income from operations in the Construction segment totaled $38.3 million, compared to $9.1 million in the year-ago period. All Other Operations revenue totaled a record high $45.3 million, up 189% compared to $15.7 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.9 million, compared to $0.7 million in the year-ago period.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern on Wednesday, February 6. The call can be accessed by dialing (888) 359-3627, or (719) 457-1512 for international callers. The confirmation code for the live call is 4239091. Interested parties may also listen to a simultaneous webcast via the "Investor Center" on the Company's website at www.pike.com.

A replay will be made available shortly after the live call is completed and can be accessed by dialing (858) 384-5517. The confirmation code for the replay is 4239091. The replay will remain available until midnight Eastern on February 13. An on-demand replay of the conference call will remain online for a limited time following the conclusion of the call.

About Pike Electric Corporation

Pike Electric Corporation is a leading provider of energy solutions to over 300 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of electric and communication infrastructure. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit us online at www.pike.com.

Forward-Looking Statements

This press release and other statements we make from time to time in the future may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to our plans, objectives and future estimates. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of our Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
       
Three months ended December 31, Six months ended December 31,
 
2012 2011 2012 2011
 
Revenues $ 273,668 $ 172,031 $ 518,281 $ 343,822
Cost of operations   214,434     146,616     422,125     294,554  
 
Gross profit 59,234 25,415 96,156 49,268
General and administrative expenses 19,891 15,859 39,359 31,876
(Gain) loss on sale of property and equipment   (68 )   (40 )   (198 )   118  
 
Income from operations 39,411 9,596 56,995 17,274
Other expense (income):
Interest expense 1,884 1,345 4,007 4,838
Other, net   (4 )   (9 )   (25 )   (13 )
 

Total other expense, net

  1,880     1,336     3,982     4,825  
 
Income before income taxes 37,531 8,260 53,013 12,449
Income tax expense   13,929     3,369     20,129     4,954  
 
Net income $ 23,602   $ 4,891   $ 32,884   $ 7,495  
 
Earnings per share:
Basic $ 0.67   $ 0.14   $ 0.94   $ 0.22  
Diluted $ 0.67   $ 0.14   $ 0.93   $ 0.21  
 
Shares used in computing earnings per share:
Basic   35,129     34,663     35,089     34,421  
Diluted   35,423     35,132     35,360     34,976  
 
Dividends per share: $ 1.00   $ -   $ 1.00   $ -  
 

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
       
December 31, June 30,
2012 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,517 $ 1,601
Accounts receivable, net 137,748 91,059
Costs and estimated earnings in excess of billings
on uncompleted contracts 77,100 66,414
Inventories 10,314 15,348
Prepaid expenses and other 7,907 9,001
Deferred income taxes   9,207     9,722
Total current assets 244,793 193,145
Property and equipment, net 175,116 174,655
Goodwill 153,657 122,932
Other intangibles, net 79,162 43,617
Deferred loan costs, net 1,933 2,175
Other assets   1,862     1,624
Total assets $ 656,523   $ 538,148
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 27,527 $ 26,206
Accrued compensation 30,115 28,703
Billings in excess of costs and estimated earnings
on uncompleted contracts 10,685 5,318
Accrued expenses and other 19,235 7,551
Current portion of insurance and claim accruals   15,228     11,525
Total current liabilities 102,790 79,303
Revolving credit facility 207,500 123,000
Insurance and claim accruals, net of current portion 3,957 3,956
Deferred compensation 6,058 5,578
Deferred income taxes 57,272 46,749
Other liabilities 2,929 2,637
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 100,000 authorized
shares; no shares issued and outstanding - -
Common stock, par value $0.001 per share; 100,000 authorized
shares; 35,182 and 35,052 shares issued and outstanding
at December 31, 2012 and June 30, 2012, respectively 6,428 6,428
Additional paid-in capital 174,553 173,060
Accumulated other comprehensive loss, net of taxes (121 ) -
Retained earnings   95,157     97,437
Total stockholders’ equity   276,017     276,925
Total liabilities and stockholders’ equity $ 656,523   $ 538,148
 

PIKE ELECTRIC CORPORATION
SEGMENT RESULTS
(Unaudited)
(In thousands)
       
Three months ended December 31, Six months ended December 31,
 
2012 2011 2012 2011

Construction

Core services $ 149,941 $ 140,805 $ 306,419 $ 262,021

Less: Intersegment revenues

  (211 )   (6,351 )   (238 )   (6,351 )
 
Core services, net 149,730 134,454 306,181 255,670
Storm restoration services   78,622     21,891     125,595     56,684  
 
Revenues, net 228,352 156,345 431,776 312,354
Income from operations 38,327 9,110 54,907 17,698
Depreciation and amortization 9,678 9,478 18,749 18,756
Purchases of property and equipment 9,398 7,716 17,157 15,327
                 
 

All Other Operations

Core services $ 51,310 $ 17,693 $ 100,313 $ 33,475

Less: Intersegment revenues

  (10,377 )   (2,007 )   (21,414 )   (2,007 )
 
Core services, net 40,933 15,686 78,899 31,468
Storm assessment and inspection services   4,383     -     7,606     -  
 
Revenues, net 45,316 15,686 86,505 31,468
Income from operations 1,888 715 3,962 115
Depreciation and amortization 1,389 250 2,703 674
Purchases of property and equipment 199 - 547 -
                 
 

Eliminations and Other Adjustments

Revenues $ - $ - $ - $ -
Loss from operations (804 ) (229 ) (1,874 ) (539 )
Depreciation and amortization - - - -
Purchases of property and equipment - - - -
                 
 

Total

Core services $ 201,251 $ 158,498 $ 406,732 $ 295,496

Less: Intersegment revenues

  (10,588 )   (8,358 )   (21,652 )   (8,358 )
 
Core services, net 190,663 150,140 385,080 287,138
Storm-related services   83,005     21,891     133,201     56,684  
 
Revenues, net 273,668 172,031 518,281 343,822
Income from operations 39,411 9,596 56,995 17,274
Depreciation and amortization 11,067 9,728 21,452 19,430
Purchases of property and equipment 9,597 7,716 17,704 15,327

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profession...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...